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Cayman readies for BO battle

Cayman will be talking to UK MP’s to address their concerns about our financial services industry. In a bid to prevent the UK from forcing Cayman to create a public register naming owners of assets here.
The beneficial ownership issue is not new to us, but amendments to the UK Criminal Finances law are and its calling for some stringent measures.
While Financial Services Minister Hon. Wayne Panton says he does not think the numbers are high enough to push the law changes through. He says Cayman will protect its position.
“Every option we have would be exercised to prevent the unilateral imposition of that sort of requirement on our industry in Cayman and if that means going to the UK Government to the supreme court then we will do that,” Mr Panton says.
The amendments to the UK law are still going through the parliamentary process.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 16 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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